SMALL BUSINESS
- Small business tax rate cut to 28.5%; tax discount for unincorporated small businesses
- Small business asset accelerated depreciation write-off up to $20,000 per year
- Two company tax rates – some implications to consider
- Immediate deductibility for professional expenses re start-ups
- CGT roll-over relief for change to entity structure
- No FBT on work-related electronic devices
GST MEASURES
- GST measures in 2015-16 Federal Budget
- “Netflix tax” to start 1 July 2017
- Changes to going concern rules not proceeding
- Compliance programme extended for 3 years
- No changes announced to the low-value threshold for taxable importations
PERSONAL TAXATION
- Personal tax rates: no change; Budget deficit levy not to be extended
- Work-related car expenses simplified: 2 methods discontinued; only one flat rate
- Medicare levy low-income thresholds for 2014-15
- Government employees delivering overseas assistance – tax exemption to be removed
- Deductible gift recipients – updates
- Australian Defence Force personnel deployed overseas – income tax relief
- Eligibility for zone tax offset restricted
- Temporary working holiday makers – tax residency rules to change
- Extension of ADF exemptions (Aust Defence Force)
- HELP debt – overseas student repayment obligations
BROADER BUSINESS TAXATION
- Tax and regulatory changes to ease burdens on start-ups
- MIT measures deferred another 12 months
- FBT meal and entertainment concessions for NFP employees to be capped
- Dividend imputation – no changes
- Tax exemption for Global Infrastructure Hub
- Accelerated depreciation for primary producers re fencing, water facilities, etc
- Digital transformation coming for interactions with government
- Further ESS changes
- Luxury car tax exemption for public museums and art galleries
SUPERANNUATION
- No major super tax changes – but reform processes loom
- Defined benefit super schemes: Govt to close loophole on pension income test
- SMSFs and limited recourse borrowings – no change (yet)
- Early access to super for terminal illness – Govt to extend law
- Superannuation supervisory levies to be increased
- Lost and unclaimed superannuation – streamlined arrangements
CHILDCARE MEASURES
- Major childcare payments revamp: $7,500 rebate cap to be abolished under $185,000 income
- New Child Care Safety Net
- Paid parental leave – double-dipping to be eliminated
PENSION/WELFARE MEASURES
- Age Pension assets test: threshold to be increased, but taper rate tightened
- Social security deeming rate thresholds – reset will not proceed
- Income test free areas – pause to thresholds will not proceed
- Age Pension access while overseas – Australian working life residence (35 years) rule
- Aged Care – means testing; home care; short-term restorative care; etc
- DVA service pensions – indexation (Dept of Veteran Affairs)
- Family Tax Benefit Part A large family supplement to cease
- Welfare integrity measures